22/07/ · The Central Bank of Nigeria in June excluded importers of 41 goods and services from accessing foreign exchange at the Nigerian foreign exchange markets in order to encourage local production of these items. This action by CBN was taken in its efforts to sustain foreign exchange market stability and ensure the efficient utilization of foreign exchange as well as ensuring that optimum benefit is derived from 23/08/ · There must be an urgent review of the CBN’s policy on the restriction of access to foreign exchange placed on 41 items, as about16 of the total items in the list, serve as critical raw materials Estimated Reading Time: 9 mins 12/08/ · List Of 41 Imported Items CBN Ban From Forex by Realdeals (m): am On Aug 12, The Central Bank of Nigeria (CBN) recently issue a directive stopping some imported goods and services from the list of items valid for forex in the Nigerian Foreign Exchange Markets. This policy implies is that, those who import these items can no longer buy
41 import items banned by Central bank of Nigeria for Forex Exchange
President of the Manufacturers Association of Nigeria MAN Frank Udemba-Jacobs disclosed this in a parley with the media. The items in question however, 41 items restricted by cbn on the forex market, are specific components from the originally banned items. According to Udemba-Jacobs, the CBN made the decision following a presentation made by the association.
MAN had stated that the raw materials in question could not be manufactured in the country. The CBN through our interventions has removed 36 from the HS Codes are used by the World Customs organization to classify goods that can be traded by member countries. Crude oil production in the country has also hit close to a million barrels per day, due to relative peace in the Niger Delta. Industries making use of this raw materials, accessing the official foreign exchange market results in significant cost savings.
Manufacurers were badly hit by the recent foreign exchange crisis in the country. While multinationals were able to access foreign currency loans from their parent companies, indigenous manufacturers were left stranded. Onome Ohwovoriole has a degree in Economics and Statistics from the University of Benin and prior to joining Nairametrics in December as Lead Analyst had stints in Publishing, Automobile Services, Entertainment and Leadership Training.
He covers companies in the Nigerian corporate space, especially those listed on the Nigerian Stock Exchange NSE. He also has a keen interest in new frontiers like Cryptocurrencies and Fintech. In his spare time, he loves to read books on finance, fiction as well as keep up with happenings in the world of international diplomacy. You can contact him via [email protected]. Home Business. CBN modifies list of 41 banned items excluded from official FX market by Onome Ohwovoriole.
January 30, Share on Facebook Share on Twitter. Related posts. FG considers fresh charges against Sunday Igboho, making efforts to get justice September 23, FG to roll out 5G network across the country in January — Minister September 23, Tags: CBN Frank Udemba- Frank Udemba-Jacobs Manufacturers Association of Nigeria MAN.
Onome Ohwovoriole Onome Ohwovoriole has a degree in Economics and Statistics from the University of Benin and prior to joining Nairametrics in December as Lead Analyst had stints in Publishing, Automobile Services, Entertainment and Leadership Training. OTHERS ARE READING, 41 items restricted by cbn on the forex market.
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Forex Restriction: CBN Defends Ban On 41 Imported Items
, time: 1:26CBN's 41 'Not Valid for FOREX' Items & Their Sectoral Impacts
18/05/ · 0 To address the confusion surrounding the 41 items that are not valid for foreign exchange, the Central Bank of Nigeria (CBN) yesterday released a list of items that can source foreign exchange (forex) from the market. The list, sent to all authorised dealers, Nigeria Estimated Reading Time: 1 min 23/08/ · There must be an urgent review of the CBN’s policy on the restriction of access to foreign exchange placed on 41 items, as about16 of the total items in the list, serve as critical raw materials Estimated Reading Time: 9 mins 12/08/ · List Of 41 Imported Items CBN Ban From Forex by Realdeals (m): am On Aug 12, The Central Bank of Nigeria (CBN) recently issue a directive stopping some imported goods and services from the list of items valid for forex in the Nigerian Foreign Exchange Markets. This policy implies is that, those who import these items can no longer buy
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